- Bitcoin has seen some blended price action since late that has made it extremely confusing regarding where it will trend in the mid-term
- The crypto is seeing some signs of strength today, with its cost rebounding off of its current lows as bulls seek to target its $33,000 resistance
- The bear case for BTC has grown more powerful throughout the past couple of days, however it remains uncertain as to whether or not this low belief amongst investors is actually indicative of more downside
- One trader is now keeping in mind that it is just a matter of time before BTC makes an enormous motion
- This means that where it patterns in the short-term will be incredibly prominent in terms of its mid and long-term outlooks
Bitcoin and the entire crypto market have actually seen some tempered momentum today, which has happened following a long bout of trading within the lower-$30,000 region.
At one point yesterday, bears were even strong enough to require the crypto below $30,000, but the purchasing pressure here was significant and helped catalyze a rebound.
One trader explained that he is now looking for an explosive near-term motion, with $42,000 being a prospective benefit target and $20,500 being his downside target.
Bitcoin Rebounds Following Yesterday’s Plunge
At the time of writing, Bitcoin is trading up over 5% at its present rate of $32,150. This marks a significant rise from recent lows of $29,800 that were set yesterday afternoon.
The rebound from these lows highlights simply how substantial the buying pressure listed below $30,000 is and might also indicate that BTC is poised to see further near-term benefit in the days and weeks ahead.
So long as BTC can keep this momentum, the next crucial resistance to see is $33,000. A break above this could lead it to rocket higher.
Expert: BTC is Bound to See Some Massive Volatility
One analyst discussed in a recent tweet that he is watching for some huge near-term volatility.
If bulls take control, he anticipates a relocate to $40,000 to come about quickly. However, if bears take control, he keeps in mind that a move down to $20,000 could be impending.
“Weekly trend suggests that, we either: – – bounce from here 2.618 (31,300$) and retest resistance 3.618 (42,072$) – – drop from here 2.618 (31,300$) and retest support 1.618 (20,500$). Whatever occurs from here will be big, loads of opportunities despite instructions.”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming couple of days must supply financiers with serious insights into where Bitcoin and the aggregated market will trend in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.